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Dow Jones might have carved a lower degree Wave 2 around 27182

CURRENCYCOM:US30   Dow Jones Industrial Average Index
Dow Jones had rallied through 27182 yesterday before reversing lower again. The indice is seen to be trading around 26700/50 levels as we prepare to publish this update. Potential wave counts are indicating that a Dow Jones has now carved a lower degree Wave 2 flat around 27182 yesterday. The earlier drop between 27626 through 24544 was lower degree Wave 1. If the above counts are correct, Dow Jones should stay below 27636 going forward, and reverse sharply lower towards 18200 levels. The larger degree potential wave counts are unchanged for now with Waves (1) and (2) in place around 18200 and 27636 respectively. Let us prepare for a Wave (3) lower from here.

Strategy:

Short against 29600, targeting below 18200

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